Clients can now program payments with conditions and transfer funds to cover delinquent payments and margin calls using JPMorgan’s JPM Coin.
JPMorgan’s Onyx, which operates its blockchain-powered payment system JPM Coin, takes another significant move forward with the introduction of a programmable payments feature. The JPM Coin system allows clients to schedule payments for financial obligations such as margin calls and delinquent payments.
JPMorgan Provides JPM Coin With Programmable Payments Function
Bloomberg reported on November 10 that JPMorgan’s JPM Coin now permits clients to program their accounts by adding a set of conditions and transfer funds to cover delinquent payments and margin calls.
Onyx’s global head of coin systems, Naveen Mallela, stated that Siemens, a German company, configured its account for transfers to meet potential funding gaps using JPMorgan’s JPM Coin system this week.
“Programmability has been a key objective for digital currencies and tokenized money since the beginning. Our new offering makes payments programmable ushering in the era of dynamic and event-driven infrastructure in the industry. This is an important milestone and foundational for real-time, automated, and programmable treasury.”
FedEx and Cargill, among others, intend to implement the system within the next few weeks. JPMorgan is progressively undertaking efforts to extend the utilization of the payment system to accounts maintained by other financial institutions.
JPMorgan Extends The Role of JPM Coin
This year, JPMorgan initiated blockchain technology for client collateral settlement and introduced euro-based payments for corporate clients using its JPM Coin.
Traditional financial institutions are again demonstrating considerable interest in the cryptocurrency and blockchain industries, as in 2021, when the cryptocurrency market surged.
JPMorgan initiated the Tokenized Collateral Network (TCN) in October, transferring digital tokens representing shares in one of its money market funds as collateral to Barclays Plc.
